Drilling completed on the second well in the Shenandoah South Pilot Project, Shenandoah S2-4H
23/12/2024 07:00
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Falcon Oil & Gas Ltd.
(“Falcon” or “Company”)
Drilling completed on the second well in the Shenandoah South Pilot Project,
Shenandoah S2-4H
23 December 2024 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to
announce that the Shenandoah S2-4H (“SS4H”) horizontal well was
successfully drilled, cased and cemented to a measured depth of 6,452 metres
(21,169 feet) in exploration permit 98 in the Beetaloo Sub-basin, Northern
Territory, Australia with Falcon Oil & Gas Australia Limited’s (“Falcon
Australia”) joint venture partner, Tamboran (B2) Pty Limited (“Tamboran
B2”).
Data from the SS4H well has indicated strong gas shows and a continuation of
the high-quality shale and rock properties observed in the Shenandoah South 1H
and Shenandoah South 2H (“SS2H ST1”) locations with no faulting observed
along the entire 3,048-metre (10,000 foot) lateral section.
The Liberty Energy (NYSE: LBRT) stimulation equipment and sand has been
mobilized to location ahead of the stimulation campaign, which is planned to
commence in early 1Q 2025, with IP30 flow test from both SS2H ST1 and SS4H
expected to be released in 1Q 2025.
Philip O’Quigley, CEO of Falcon commented:
“The completion of the SS4H well is another milestone in the development of
the Beetaloo Sub-basin and we will look forward to the upcoming stimulation
campaign and updating the market as operations progress.”
Ends.
CONTACT DETAILS:
Falcon Oil & Gas Ltd. +353 1 676 8702
Philip O’Quigley, CEO +353 87 814 7042
Anne Flynn, CFO +353 1 676 9162
Cavendish Capital Markets Limited (NOMAD & Broker)
Neil McDonald / Adam Rae +44 131 220 9771
This announcement has been reviewed by Dr. Gábor Bada, Falcon Oil & Gas
Ltd’s Technical Advisor. Dr. Bada obtained his geology degree at the
Eötvös L. University in Budapest, Hungary and his PhD at the Vrije
Universiteit Amsterdam, the Netherlands. He is a member of AAPG.
About Falcon Oil & Gas Ltd.
Falcon Oil & Gas Ltd is an international oil & gas company engaged in the
exploration and development of unconventional oil and gas assets, with the
current portfolio focused in Australia. Falcon Oil & Gas Ltd is incorporated
in British Columbia, Canada and headquartered in Dublin, Ireland.
Falcon Oil & Gas Australia Limited is a c. 98% subsidiary of Falcon Oil & Gas
Ltd.
For further information on Falcon Oil & Gas Ltd. Please visit
www.falconoilandgas.com
About Beetaloo Joint Venture (EP 76, 98 and 117)
Company Interest
Falcon Oil & Gas Australia Limited (Falcon Australia) 22.5%
Tamboran (B2) Pty Limited 77.5%
Total 100.0%
Shenandoah South Pilot Project -2 Drilling Space Units – 46,080 acres(1)
Company Interest
Falcon Oil & Gas Australia Limited (Falcon Australia) 5.0%
Tamboran (B2) Pty Limited 95.0%
Total 100.0%
(1)Subject to the completion of the SS2H ST1 and SS4H wells on the Shenandoah
South pad 2.
About Tamboran (B2) Pty Limited
Tamboran (B1) Pty Limited (“Tamboran B1”) is the 100% holder of Tamboran
(B2) Pty Limited, with Tamboran B1 being a 50:50 joint venture between
Tamboran Resources Corporation and Daly Waters Energy, LP.
Tamboran Resources Corporation, is a natural gas company listed on the NYSE
(TBN) and ASX (TBN). Tamboran is focused on playing a constructive role in the
global energy transition towards a lower carbon future, by developing the
significant low CO(2) gas resource within the Beetaloo Basin through
cutting-edge drilling and completion design technology as well as
management’s experience in successfully commercialising unconventional shale
in North America.
Bryan Sheffield of Daly Waters Energy, LP is a highly successful investor and
has made significant returns in the US unconventional energy sector in the
past. He was Founder of Parsley Energy Inc. (“PE”), an independent
unconventional oil and gas producer in the Permian Basin, Texas and previously
served as its Chairman and CEO. PE was acquired for over US$7 billion by
Pioneer Natural Resources Company.
Advisory regarding forward-looking statements
Certain information in this press release may constitute forward-looking
information. Any statements that are contained in this news release that are
not statements of historical fact may be deemed to be forward-looking
information. Forward-looking information typically contains statements with
words such as “may”, “will”, “should”, “expect”, “intend”,
“plan”, “anticipate”, “believe”, “estimate”, “projects”,
“dependent”, “consider” “potential”, “scheduled”,
“forecast”, “outlook”, “budget”, “hope”, “suggest”,
“support” “planned”, “approximately”, “potential” or the
negative of those terms or similar words suggesting future outcomes. In
particular, forward-looking information in this press release includes, but is
not limited to, information relating to the drilling the SS4H well to a total
measured depth of 6,452 metres, the indication of strong gas shows and a
continuation of the high-quality shale and rock properties observed in the
Shenandoah South 1H and SS2H ST1 locations, stimulation planned to commence in
early 1Q 2025 with IP30 flow test from both SS2H ST1 and SS4H expected to be
released in 1Q 2025.
This information is based on current expectations that are subject to
significant risks and uncertainties that are difficult to predict. The risks,
assumptions and other factors that could influence actual results include
risks associated with fluctuations in market prices for shale gas; risks
related to the exploration, development and production of shale gas reserves;
general economic, market and business conditions; substantial capital
requirements; uncertainties inherent in estimating quantities of reserves and
resources; extent of, and cost of compliance with, government laws and
regulations and the effect of changes in such laws and regulations; the need
to obtain regulatory approvals before development commences; environmental
risks and hazards and the cost of compliance with environmental regulations;
aboriginal claims; inherent risks and hazards with operations such as
mechanical or pipe failure, cratering and other dangerous conditions;
potential cost overruns, drilling wells is speculative, often involving
significant costs that may be more than estimated and may not result in any
discoveries; variations in foreign exchange rates; competition for capital,
equipment, new leases, pipeline capacity and skilled personnel; the failure of
the holder of licenses, leases and permits to meet requirements of such;
changes in royalty regimes; failure to accurately estimate abandonment and
reclamation costs; inaccurate estimates and assumptions by management and
their joint venture partners; effectiveness of internal controls; the
potential lack of available drilling equipment; failure to obtain or keep key
personnel; title deficiencies; geo-political risks; and risk of litigation.
Readers are cautioned that the foregoing list of important factors is not
exhaustive and that these factors and risks are difficult to predict. Actual
results might differ materially from results suggested in any forward-looking
statements. Falcon assumes no obligation to update the forward-looking
statements, or to update the reasons why actual results could differ from
those reflected in the forward-looking statements unless and until required by
securities laws applicable to Falcon. Additional information identifying risks
and uncertainties is contained in Falcon’s filings with the Canadian
securities regulators, which filings are available at www.sedarplus.com,
including under "Risk Factors" in the Annual Information Form.
Any references in this news release to initial production rates are useful in
confirming the presence of hydrocarbons; however, such rates are not
determinative of the rates at which such wells will continue production and
decline thereafter and are not necessarily indicative of long-term performance
or ultimate recovery. While encouraging, readers are cautioned not to place
reliance on such rates in calculating the aggregate production for Falcon.
Such rates are based on field estimates and may be based on limited data
available at this time.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release